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It's an end of an era for the thousands of college students who rely on MasterCard or Visa to get them through tight times.
Under a new law awaiting President Barack Obama's signature, credit card companies will be prohibited from giving cards to people under 21 unless they can prove they have the means to repay the debt or a parent or guardian co-signs for the loan.
Good, then you don't have so many college students coming out of college with a nice big high interest debt not only that they can't pay, usually along with their low interest student loans, but a pretty viscous surprise to their parents trying to give them a good start in life. I've known a number of people who got a few and then racked it up without their parents knowledge, one person over $20k, that that parents paid off because the kids couldn't.
I actually think this is a good thing. A lot of college kids get sucked in and spend the next 10+ years of their life paying for it.
Though, I'd rather see them just limit the amount of approved credit to a small amount.
Exactly.
You can't hand a credit card to a kid fresh out of HS...half the time they'll lose their minds and go out and buy iPods, stereo equipment, and go out to eat every meal with it....and then realize they don't have the income to pay it off...or even have a firm understanding of what the terms are.
When I hadn't even made it out of HS I had CC companies sending me apps. OK that makes absolutely no sense at all. I had ZERO income. Yeah...that's good thinking on their part, huh?
Thankfully I lived my college years without a credit card...
It's an end of an era for the thousands of college students who rely on MasterCard or Visa to get them through tight times.
Under a new law awaiting President Barack Obama's signature, credit card companies will be prohibited from giving cards to people under 21 unless they can prove they have the means to repay the debt or a parent or guardian co-signs for the loan.
At least they can still qualify for a draft card...
If called I would never go and I'll be dammed to let them take my sons. My family uncles who came back from the Vietnam War taught us that we should never trust the government with our lives.
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